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Construction : Deals | October 2012 | Source : Construction Update

Promoter holding in IVRCL rises to 13.7%

In a recent communication to stock exchange, infrastructure major IVRCL said its promoters raised their stakeholding in the company to 13.70 per cent during Jul-Sep quarter from 11.21 per cent in the preceding quarter.

Consequently, the IVRCL promoters hold close to 14 per cent, FIIs 23.44 per cent, DII 2.93 per cent, and others 59.93 per cent in the company.

The management of IVRCL is now focused on consolidating its business and divesting stake in some of the matured build, operate and transfer (BOT) projects.

The Hyderabad-based company was in the news about six months ago when Essel group firms Asian Satellite Broadcasting and Jay Engineering had acquired stake in the company, taking it past that of the IVRCL promoters.

That was when there was the talk about the possibility of a tussle between Essel Group promoted by Subhash Chandra and the promoters of IVRCL led by E. Sudhir Reddy, its Chairman and Managing Director.

However, late in September and October, the Essel Group decided to exit the IVRCL stock stating that it no longer fits its interest as IVRCL promoters have decided to change their business strategy to focus on EPC contracts.

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